Average US mortgage rates unchanged to higher; 30 years at 2.99%

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Associated Press

WASHINGTON – Mortgage rates have not changed this week. The underlying 30-year home loan remained below 3% on the back of continued positive signs of economic recovery from the pandemic recession.

Mortgage buyer Freddie Mac said Thursday that the average 30-year rate rose to 2.99% from 2.95% last week. At this time last year, the average long-term rate was 3.18%.

The rate on a 15-year loan, popular among those wishing to refinance, did not change compared to last week and amounted to 2.27%.In the latest economic news, the government said the number of Americans applying for unemployment benefits fell last week for the fifth straight week to 385,000, a new pandemic low and further evidence that the labor market is recovering as the economy continues to recover.

With historically low mortgage rates, the US housing market is so overheated that demand exceeds supply, and prices continue to reach record highs – and about half of all homes are now selling at prices above their list price.

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